Limited Brands Announces Amendment and Extension to Credit Agreement
09 March 2010 - 8:56AM
PR Newswire (US)
COLUMBUS, Ohio, March 8 /PRNewswire-FirstCall/ -- Limited Brands,
Inc. ("Limited Brands") announced today that it has concluded an
amendment and extension (the "Amendment") of its existing amended
and restated credit agreement dated as of February 19, 2009 (the
"Existing Credit Agreement" and as amended and restated, the
"Credit Agreement"). Capitalized terms not defined herein have the
meanings set forth in the Credit Agreement. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020520/CLM001LOGO ) Under the
Amendment, the termination date of the Commitments of Lenders who
consented to the Amendment is extended by two years (until August
1, 2014) and the aggregate amount of their Commitments is reduced
from $873,333,333 to $800,000,000. The termination date (August 3,
2012) and aggregate principal amount ($126,666,667) of the
Commitments of non-consenting Lenders are unchanged by the
Amendment. The Amendment reduces the aggregate amount of the
Commitments of the Lenders under the Credit Agreement from
$1,000,000,000 to $926,666,667. Additionally, the Amendment
modifies the covenants limiting Investments and Restricted Payments
to provide that Investments and Restricted Payments may be made,
without limitation on amount, if (i) at the time of and after
giving effect to such Investment or Restricted Payment the ratio of
Consolidated Debt to Consolidated EBITDA for the most recent four
quarter period is less than 3.0 to 1.0 and (ii) no Default or Event
of Default exists. In addition, as a condition to the effectiveness
of the Amendment, Limited Brands, repaid the approximately
$200,000,000 outstanding under the Term Loan Credit Agreement.
ABOUT LIMITED BRANDS: Limited Brands, through Victoria's Secret,
Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn
Candle Co. and Henri Bendel, presently operates 2,970 specialty
stores. The company's products are also available online at
http://www.victoriassecret.com/, http://www.bathandbodyworks.com/,
http://www.henribendel.com/ and http://www.lasenza.com/. Forward
Looking Statements: This press release may contain forward-looking
statements (as such term is defined in the Private Securities
Reform Act of 1995). These forward-looking statements may include
without limitation, statements regarding future financial results
and performance, plans and objectives, capital expenditures and the
company's or management's beliefs, expectations or opinions, and
are subject to risks and uncertainties that could cause actual
results to differ materially from the company's current
expectations. Further discussion of these and other potential risk
factors may be found in the company's public filings with the
Securities and Exchange Commission (http://www.sec.gov/), including
its Form 10-K for the fiscal year ended January 31, 2009.
DATASOURCE: Limited Brands CONTACT: Investor Relations: Amie
Preston, +1-614-415-6704,apreston@limitedbrands.com, or Media
Relations: Tammy Roberts Myers,+1-614-415-7072,
extcomm@limitedbrands.com, both of Limited Brands Web Site:
http://www.limitedbrands.com/
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